We’re always excited to hear when companies we funded go on to thrive and raise additional funding. Last month, former client Steelbrick raised $48 million in funding on top of a previous $18 million Series B round in February. The recent round was led by Institutional Venture Partners, well-known from their investment in companies such as Dropbox, Netflix, Snapchat, and Twitter. When we invested $200K in Steelbrick, the company was wholly owned by the entrepreneur, Max Rudman, who has since moved into a CTO role. We’re glad to see them well on their way towards profitability and IPO.
We’re also happy to congratulate two current clients with recent rounds of venture funding.
Cloud Lending raised an $8 million Series A, which follows on the heels of a $2 million dollar pre-Series A round in 2014.
Cloud Lending, a global provider of cloud-based lending solutions, approached us last year for a $150K investment to bring aboard a VP of Sales and Marketing with the goal of doubling its client base within six months. Our funding gave Cloud Lending the means to make that critical hire and the company was able to not only quickly scale its client base, but also to bring in bigger clients.
After providing Cloud Lending with $150K in growth capital, we introduced Cloud Lending CEO Snehal Fulzele to Epic Ventures, an investor group that was part of their first $1 million dollars in venture capital. We’re excited to see Cloud Lending continue to raise venture funding and accelerate its growth.
Like Cloud Lending, our client Qbox has grown incredibly quickly thanks to a unique, disruptive technology. Qbox raised $2.4 million dollars in venture funding in a round led by Vulcan Ventures, just a few months after we provided them with $120K in growth capital. Congratulations to CEO Mark Brandon and his team!
We’re proud to be the capital provider to Cloud Lending and Qbox alongside these top VCs. We’ve found that VCs have become very familiar with and accepting of revenue-based financing. They appreciate it as a good source of initial non-dilutive capital for the companies they invest in. In fact, about 16% of the companies we fund go on to raise VC money.